COMMISSIONER OF INCOME TAX Vs. G. VENKATA LAXMI

JUDGEMENT

(1.) THIS appeal is sought to be preferred 1 against a portion of the impugned judgment and order of the learned Tribunal dated May 4, 2012, in relation to the assessment year 2007 -08, on the following suggested question of law:

(2.) WE have heard Sri J.V. Prasad, learned counsel for the appellant Revenue, and gone through the impugned judgment and order of the learned Tribunal. In this case, the assessee has sold a property and the sale proceeds were used for construction of a new building. In order to get the benefit of section 54 of the Act, the investment of the sale proceeds have to be utilised by completing new construction of the building within three years of the sale of property. The learned Tribunal on fact found as follows:

(3.) IN order to get the benefit of section 54 of the Act, it does not appear that in case of purchase of the property with sale proceeds it has to be reckoned within three years, in case of construction of new building utilizing sale proceeds, the construction has to be completed within a period of three years of the sale. In this case, question of registration of document does not arise and it is a question of investment in construction of the new building. When it was found on fact that construction was completed within three years of sale of the property, the benefit would automatically follow. We, therefore, do not find any element of law in this appeal for consideration by this court and we do not want to complicate the issue by admitting the appeal. Hence, we dismiss the appeal. There will be no order as to costs.